The global smart parking system market size is expected to reach USD 368.7 million by 2024 according to a new study by Grand View Research, Inc. Favorable government initiatives and increasing public sector funding will favor the growth and adoption of smart parking system for the forecast period. The industry is anticipated to witness an upsurge in demand for smart parking systems in transport transit and commercial applications segment, and it is subsequently expected to impel the growth in the industry.

This technology effectively addresses traffic congestion issues and parking-related concerns. Such systems help in reducing fuel usage and subsequently minimize vehicular emissions. The industry is expected to gain momentum owing to inclusion of sophisticated features such as voice guidance, handicapped parking, and auto-payment options enabled through smartphone applications.

Increasing number of automotive and lack of efficient parking management system is affecting the availability of parking spaces and is subsequently driving the demand for these technologies across the globe. Such parking systems offer several opportunities for reuse of commercial and municipal parking areas and garages. Hence, these systems help in making the cities greener, cleaner, and technologically advanced.

However, lack of awareness of smart parking advantages, especially among under-developed regions is anticipated to slowdown the industry growth opportunities. Lack of funding initiatives is further expected to hamper the industry growth.

Several cities in the U.S. and Canada such as Los Angeles, San Francisco, and Toronto are increasingly adopting smart parking systems to manage the ever increasing traffic congestion problems. The growth is considerably high in the UK and Germany. Major automotive manufacturing companies’ interest in this sector is further propelling the growth in demand. Automobile manufacturers in Italy and Germany such as Fiat S.p.A and Audi AG are keenly participating in development of smart parking system. Adoption of sustainable transportation policies and adoption of innovative parking technologies is impelling growth in the European region

Government application segment dominated the global smart parking system industry accounting for over 62% of the market share in 2015. Increasing need for managing on-road vehicles and minimizing fuel emissions has led to large-scale adoption of these technologies in the government sector.

The European regional market accounted for around 30% of the global revenue share in 2015. Increasing interest of regional automobile manufacturers in developing smart parking systems is anticipated to impel growth in the regional market.

On-demand valet parking and increasing demand for parking management at public avenues such as shopping malls, sports complexes in countries such as Japan and China, is expected to fuel the demand for parking management systems in the Asia-Pacific region.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.